Tube Investments Q4 profit surges 74% as sales improve
Board declares final dividend of ₹1.50 per share
Tube Investments of India Ltd.’s (TII) reported standalone net profit for the fourth quarter ended March rose 74% to ₹129 crore on account of higher sales revenue.
Total revenue from operations rose by 58% to ₹1,480 crore. Engineering segment reported a revenue of ₹854 crore (₹545 crore), metal-formed products ₹401 crore (₹301 crore) and cycles and accessories ₹301 crore (₹129 crore) respectively, it said.
The company also implemented a voluntary retirement scheme incurring ₹13.33 crore. Profit before tax (after exceptional items) stood at ₹162 crore.
“TII has closed the year with a healthy performance post revival of the economy from the first wave of the COVID-19 pandemic,” said M.A.M. Arunachalam, chairman. “The results are encouraging considering that the company had lost almost one full quarter of operations,” he said.
“We are hopeful that with governments’ constant endeavour to control the spread of the COVID-19 pandemic and efforts towards maintaining the momentum in economic activity, the impetus in our operations is likely to continue,” he said.
The board recommended a final dividend of ₹1.50 per share and also approved fresh long-term borrowing of ₹200 crore for FY22 through the issue of privately-placed secured non-convertible debentures.
TII said it acquired controlling stake of CG Power and Industrial Solutions Ltd. as on November 30, 2020 and hence, the consolidated results include revenue for the period December 2020 to March 2021 of ₹1,393 crore and profit before tax (before exceptions) of ₹ 67 crore.
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